Source: CRI

04-17-2009 14:21

Chinese car manufacturer Geely Automobile Holdings Ltd. announced on Thursday a 191 percent year-on-year increase in net profit for the year of 2008.

In its annual 2008 report, Geely said its net profit of 2008 soared up to 879 million yuan. The net profit rise was mainly due to its increased profit contributions in car-making units and its strategic transformation that emphasizes more higher-end sedans with fatter profit margins.

The company boosted its shareholdings in its five car making units to 91 percent from 46.8 percent in the second half of 2008, and these units made a profit of 1.06 billion yuan in 2008, nearly doubled that of 2007.

In 2008, Geely sold 204,000 vehicles, marking an increase of 12 percent from that of the previous year. The figure is five percent higher than the industry average.

Shares of Geely ended up 11.36 percent after the results, closing at 0.98 HK dollars per share.

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Editor:Xiong Qu